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Cartesian Growth Corporation II(RENEU) - 2025 Q1 - Quarterly Report
RENEUCartesian Growth Corporation II(RENEU)2025-05-15 21:31

Financial Performance - The company had a net income of 559,864forthethreemonthsendedMarch31,2025,primarilyfrominterestearnedoncashandmarketablesecuritiesheldinthetrustaccountof559,864 for the three months ended March 31, 2025, primarily from interest earned on cash and marketable securities held in the trust account of 672,811[174]. - For the three months ended March 31, 2024, the company reported a net income of 2,534,872,withinterestearnedoncashandmarketablesecuritiesamountingto2,534,872, with interest earned on cash and marketable securities amounting to 2,276,486[175]. Trust Account and Cash Holdings - As of March 31, 2025, the company had cash and marketable securities in the trust account totaling 85,688,408,whichincludedapproximately85,688,408, which included approximately 23,288,612 of interest income[184]. - Following the First Extension Charter Amendment, approximately 172.4millionremainedinthetrustaccountafter7,129,439ClassAordinaryshareswereredeemedatapriceofapproximately172.4 million remained in the trust account after 7,129,439 Class A ordinary shares were redeemed at a price of approximately 10.86 per share[165]. - After the Second Extension Charter Amendment, approximately 83,770,196remainedinthetrustaccountafter8,620,849ClassAordinaryshareswereredeemedatapriceofapproximately83,770,196 remained in the trust account after 8,620,849 Class A ordinary shares were redeemed at a price of approximately 11.55 per share[167]. - As of March 31, 2025, the company had 85,688,408incashandmarketablesecuritiesheldinthetrustaccountforbusinesscombinationcompletion[193].BusinessOperationsandStrategy−Thecompanyhasnotengagedinanyoperationsorgeneratedrevenuestodate,withactivitieslimitedtoidentifyingatargetcompanyforabusinesscombination[173].−Thecompanyintendstousesubstantiallyallfundsheldinthetrustaccounttocompleteitsinitialbusinesscombination[184].FinancingandDebt−Thesponsorloanedthecompany85,688,408 in cash and marketable securities held in the trust account for business combination completion[193]. Business Operations and Strategy - The company has not engaged in any operations or generated revenues to date, with activities limited to identifying a target company for a business combination[173]. - The company intends to use substantially all funds held in the trust account to complete its initial business combination[184]. Financing and Debt - The sponsor loaned the company 4,600,000 at no interest, which may be repaid or converted into sponsor loan warrants[178]. - The company issued unsecured promissory notes totaling 1,800,000onNovember6,2023,tofundextensionpaymentsforthebusinesscombinationperiod[188].−Thesponsordeposited1,800,000 on November 6, 2023, to fund extension payments for the business combination period[188]. - The sponsor deposited 150,000 in the trust account in November 2024, December 2024, January 2025, February 2025, and April 2025 to extend the business combination period[191]. - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2025[195][196]. - The company has no borrowings under any working capital loans as of March 31, 2025[186]. Expenses and Liabilities - The company has incurred expenses related to being a public company, including legal and financial reporting costs, as well as due diligence expenses[173]. - The deferred underwriting commission from the initial public offering amounts to 11,500,000,contingentupontheconsummationoftheinitialbusinesscombination[197].−Thecompanyhasaworkingcapitaldeficitof11,500,000, contingent upon the consummation of the initial business combination[197]. - The company has a working capital deficit of 3,682,958 as of March 31, 2025[193]. Shareholder Matters - All 15,870,561 Class A ordinary shares are subject to redemption, classified as temporary equity at redemption value[204]. - The company has engaged a legal advisor for services related to the initial business combination, with fees contingent upon success[198]. Going Concern - Management has raised substantial doubt about the company's ability to continue as a going concern due to liquidity conditions[192].